This bill amends various sections of the Minnesota Statutes related to the Teachers Retirement Association, specifically focusing on increasing both employer and employee contributions to the retirement fund. It establishes that the employee contribution will be a specified percentage of the member's salary, and any changes to the contribution rates will take effect with the first payroll cycle reported for the fiscal year. Additionally, the bill outlines the employer contributions for specific school districts, including Special School District No. 1 in Minneapolis and Independent School District No. 709 in Duluth, while also detailing the effective date for these changes as the day following final enactment.

Furthermore, the bill modifies the computation of retirement annuities, allowing for an unreduced retirement annuity for members who reach age 62 with at least 30 years of service. It removes the previous reduction factors for early retirement for these members, ensuring they receive the full annuity amount without penalties. The bill also includes provisions for members who retire before age 62 or with fewer than 30 years of service, detailing the applicable reduction factors for their annuities. The effective date for these changes is also set as the day following final enactment.

Statutes affected:
Introduction: 354.42, 354.44